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Clark Equipment Co., a maker of heavy equipment, announced Tuesday it has rejected a buyout proposal from rival Ingersoll-Rand Co. worth up to $1.34 billion.

But Ingersoll-Rand says it's not giving up.

In a letter to Clark's chairman, Ingersoll-Rand chairman James E. Perrella said he hoped Clark would reconsider his company's bid of between $75 and $77 a share for each of Clark's 17.4 million outstanding shares.

He said the company was releasing the letter publicly so Clark shareholders would know about the offer.

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